Reserve Tail Date means, at any time, the semi-annual Repayment Date immediately preceding the date on which a Forecast projects that the aggregate economically recoverable reserves remaining to be produced from the Borrowing Base Assets (as reflected in the current Forecast) is projected to be equal to or less than 25 per cent. of the aggregate of the economically recoverable reserves from the Borrowing Base Assets reflected in the Forecast agreed as a condition to first Utilisation. The Reserve Tail Date will be re-determined by each Forecast by reference to the aggregate of reserves for the Borrowing Base Assets adjusted for any reserves upgrades or downgrades, for additional reserves acquired pursuant to any Approved Development or Permitted Acquisition and for any disposal of reserves.
Reserve Tail Date means, at any time, the Repayment Date immediately preceding the date on which a Forecast projects that the aggregate economically recoverable reserves remaining to be produced from the Borrowing Base Assets (as reflected in the current Forecast) is projected to be equal to or less than 25 per cent of the aggregate of the economically recoverable reserves of the Borrowing Base Assets reflected in the Initial Forecast as adjusted pursuant to Clause 17.13 (Reserve Tail Date);
Reserve Tail Date means the date notified by the Technical Bank to the Borrower, as determined and re-calculated in each Financial Projection, as the date on which the aggregate of the Proved Reserves in the Borrowing Base Assets are projected to fall below twenty-five per cent. (25%) of the aggregate of the Proved Reserves as estimated in, or determined by reference to, the most recent Independent Reserves Report or Lenders’ Technical Report.
Examples of Reserve Tail Date in a sentence
The Reserve Tail Date shall be adjusted by the Technical Bank (acting reasonably in consultation with the Borrower) on each Forecast Date pursuant to this Clause 17 to reflect, as the case may be, any reserves upgrades or downgrades, for additional reserves acquired pursuant to any Permitted Acquisition or for any disposal of reserves pursuant to any Permitted Disposal.
More Definitions of Reserve Tail Date
Reserve Tail Date means the Reduction Date immediately preceding the date (reflected in each Projection) on which the aggregate Remaining Reserves for all Borrowing Base Assets is forecast to fall below *** redacted commercially sensitive term negotiated between the parties *** of the aggregate Original Reserves for such Borrowing Base Assets (as determined in accordance with Clause 7 (Projections)).
Reserve Tail Date means the semi-annual date for the payment of a Repayment Instalment immediately preceding the date on which a Forecast projects that the aggregate proved (1P) reserves remaining to be produced from the Borrowing Base Assets is equal to or less than 25 per cent. of the aggregate of proved (1P) reserves of the Borrowing Base Assets as at Financial Close (as shown in the Agreed Form Project Model), as adjusted by reference to the latest Forecast from time to time where such date shall be re-determined by each Forecast by reference to the aggregate of proved (1P) reserves adjusted for any reserves upgrades or downgrades and for any disposal of reserves as provided for in that Forecast.
Reserve Tail Date means the last day of the period for which the Borrowing Base was most recently redetermined in accordance with Section 3.2 immediately preceding the first date (reflected in the then current Reserve Report) on which the aggregate Remaining Reserves for all Hydrocarbon Interests in Turkey is forecast to be 25% (or less) of the aggregate Original Reserves for such Hydrocarbon Interests.
Reserve Tail Date means the last day of the Calculation Period immediately preceding the first Calculation Period in which the aggregate Remaining Reserves are projected in the then current Projection to be less than 25% of the Initial Approved Reserves.
Reserve Tail Date means the Recalculation Date immediately following (or falling on) the date (reflected in the then current Projection) on which the aggregate Remaining Borrowing Base Reserves for all Borrowing Base Assets is forecast to fall below twenty five (25%) per cent. of the Initial Approved Reserves.
Reserve Tail Date means the first day of the first Calculation Period in which the then current Projection forecasts that the aggregate Remaining Reserves for all Borrowing Base Assets falls below 20% of the aggregate Original Reserves for such Borrowing Base Assets.
Reserve Tail Date means the date on which 30% of the Borrowing Base Reserves are projected, in the Development Plan as updated from time to time in accordance with Section 8.05(c), to remain to be produced.